Indus Select Savings Account

Awarded the ‘BrandZ Top 50 Most Valuable Indian Brands of 2015’ and the ‘Best Bank Award’ in the financial year of 2016-2016, IndusInd has only raised the bar year after year to be a part of the tight competition between banks in the country. Recently, they have rolled out a number of savings accounts to privilege their customers, one of which is the Indus Select Savings Account. Just by holding the account, customers have access to numerous benefits this savings account comes with - from enhanced withdrawal limit, insurance, discounts on travel and purchases, etc., making wealth management a piece of cake for Indus Select Savings Account holders.

Features and benefits of the Indus Select Savings Account

Indus Select Savings Account holders can seek the assistance of a dedicated relationship manager to decide on the type of investment that would be profitable, the type of insurance to opt for and guidance through the procedure of availing a loan, etc.

The IndusInd Bank produces a monthly e-statement. With this, customers can keep track of the cash flow - in and out of their account. Cases of discrepancies can be brought forward immediately.

The Check-On-Check service can help customers keep track of the cheques issued, which will also be recorded in one’s e-statement.

Just by holding the account, customers have access to a number of insurance policies. The insurance coverage is stated as follows:

Rs.30 lakh coverage in the case of an air accident.

In case of lost card liability or misuse of the card such as counterfeiting and so on, an insurance coverage of Rs. 3 lakh is granted.

Fire and theft insurance coverage of Rs.50,000.

For those customers who want to manage the wealth of the family under one account, he/she can link all the accounts of the family under one common account. By doing so, the whole family is eligible for the privileges that come with the Indus Select Savings Account.

For grouped family accounts, a Free Lifetime Platinum debit card is granted.

For those booking movie tickets from Bookmyshow using the Indus Select Savings Account debit card, he/she can avail the ‘buy one get one free’ privilege.

For Indus Select Savings Account debit card holders, there are no transaction charges while making ATM withdrawals and there are no charges for purchases for merchant establishments across the country as well.

For those travelling abroad, there are no charges for foreign currency transactions at select ATMs and merchant establishments that are tied up with IndusInd Bank.

For the first year of holding a Demat account, there are no maintenance charges.

The withdrawal limit at ATMs and spending limit at merchant establishments per day is enhanced.

Customers holding the Select debit card can enjoy the pleasure of a 2.5% waiver from their petrol surcharge.

The Indus Select Savings Account has the 5X Reward Program where one can accumulate points and choose to redeem them either as a cash back or to purchase products, get miles, etc. Depending whether the transaction is below Rs.5,000 or between Rs.5,000 to Rs.40,000 or above, customers are granted either 1 to 5 points for every Rs.100 that is spent.

Indus Select Savings Account holders can enjoy the benefit of taking assistance from the best-in-class concierge service, for planning a holiday, booking tickets, hotels, and getting to know the finest restaurants around you.

For those who are short of time and need cash or a cheque picked up or delivered, the doorstep banking facility will come to their aid. The bonus is that there are no charges for the doorstep service.

The online banking facility is functional 365 days a year. For those who want to register a complaint, make queries or make requests regarding the Indus Select Savings Account, they can contact the bank at 1860-5000-5004/02244066666 or mail them at select@indusind.com.

Eligibility criteria for Indus Select Savings Account

The Indus Select Savings Account is offered to existing customers of IndusInd bank that have had a successful relationship with the bank. To be eligible for the Indus Select Savings Account, one has to meet certain conditions.

The balance maintained in one’s savings account should be at least Rs.50,000 to be eligible.

To be eligible for the grouped savings account, the minimum balance that has to be maintained should be Rs.1 lakh.

The collective savings in one’s savings account and current account should be Rs.7 lakh.

Customers who have invested in a fixed deposit and their savings account collectively totals to Rs.10 lakh are eligible.

Has a mutual fund evaluation of Rs.3 lakh.

Has a Life Insurance policy linked to the savings account, where the premium should be at least Rs.50,000.

Salary credited in one’s account should be at least Rs.75,000 per month.

Has a home loan against their property with IndusInd Bank amounting to Rs.25 lakh.

Customers who have met either one or some of the conditions needed to be eligible for the Indus Select Savings Account can open a Select Savings account. For those who want to open an account and want to check if they would be eligible, they can call the bank at 1860 500 5004.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.